DUAL International reports profits rise in 2008 despite global recession
DUAL International reports profits rise in 2008 despite global recession
DUAL International, a leading specialist underwriting agency and the underwriting division of the Hyperion Insurance Group, today reported an increase in revenues of 21% for the year ending September 2008, bringing total reported revenues to £19 million. Profit before tax rose to £6.8 million.
Stephen Crowther, Chairman of DUAL International comments: “Despite our GWP decreasing slightly on last year to £76.5 million in a difficult market, our revenues have increased significantly. This is a great achievement for the DUAL Group and testament to our philosophy of sound underwriting for significant profit. Over the past 18 months we have made wise decisions to re-engineer our portfolio to focus on low risk profitable accounts and away from those areas that we believe will suffer increased claims activity as the recession deepens. This approach will stand us in good stead during the continuing challenging marketplace.”
DUAL International is supported by two highly secure and specialist capacity providers, Arch Europe, and more latterly MSIG Insurance (Hong Kong) a subsidiary of Mitsui Sumitomo Insurance Company, Limited. The Group now operates in 6 countries across Europe, Australia, and Asia and employs more than 120 people worldwide.
Stephen Crowther continues: “In the last year we have expanded our global reach across two more continents – offering brokers local expertise in our specialist lines supported by the knowledge and financial strength of global players. Our success is a result of our focus on sound underwriting discipline, and using our significant expertise in PI & D&O underwriting to consistently deliver tailored products. It has proved to be an attractive formula for our insurer partners looking to extend their business into financial lines and other products in new territories.”
DUAL International has further plans to expand in Europe and the Americas in 2009, and further announcements on this are expected in the coming months.
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NOTES TO EDITORS
For more information or to arrange an interview with Stephen Crowther please contact S-J Douglas at Spotlight Communications Tel : 07909546104
e-mail: sj@spotlightcomms.co.uk
About DUAL International
Established in 1998, DUAL International is the specialist underwriting arm of the Hyperion Insurance Group, focused on underwriting business critical risks including D&O, Professional Liability, Employment Practice Liability, Computer Crime and Fraud. DUAL International employs over 120 people in 6 countries across the globe, and has become a well-established and respected leading underwriter with annual gross premiums of US$125M.